As an entrepreneur, New Year’s resolutions are important for helping in the alignment and focusing of your energy and effort in the aspirations and success of the business.
However, before you can make any New Year’s resolutions as an entrepreneur, make sure that your decision is rational and sound. You have to research and gather enough information and use it to support any business decisions you make.
Creating unrealistic goals and making numerous expectations for your business means you are almost setting up yourself for failure. Statistics show only 20% of people who set New Year’s resolutions achieve them because they are unrealistic and too many. Consequently, below we explore some of the top New Year resolutions for entrepreneurs.
1. Improve Your Health
Living a healthy lifestyle is an important New Year resolution for any person, including business owners. You will find it hard, as an entrepreneur, to run a smooth performing and successful business if you are constantly suffering from health issues or your general well-being is compromised.
For healthy living, only eat healthily, exercise regularly, and observe healthy living, which includes getting enough sleep. A healthy lifestyle assures maximum productivity and happiness essential for running a successful business.
2. Increase Social Interaction
Social media platforms such as Facebook, Twitter, YouTube, and Instagram have rightly amassed popularity over the last few years. About 42% of the human population across the globe use social media platforms.
Social media networks are great for entrepreneurs in connecting, engaging, and interacting with customers. Business owners can also use social platforms for the creation and enhancement of brand awareness and even connecting with influencers and potential investors.
3. Improve Communication
To be a successful entrepreneur, it is a must that your ability to communicate with your employees, clients, and colleagues is impeccable, clear, and concise.
If you struggle with the inability to communicate and share your ideas clearly, then you should commit to improvement. For effective communication, consider the following essential communication types:
- Visual which includes graphs, images, and videos
4. Encourage Negative Feedback
Negative feedback from your colleagues, clients, and employees can be vital in developing an acceptable product/service offering and improving company processes. Business feedback has been shown to always be important, notwithstanding its origin/aim.
A way to encourage receipt of negative feedback is through organizing drinks or meals away from the office for small groups of your customers and employees. Use this opportune, relaxing moment to find more about any potential changes needed.
5. Understand Accounting Basics
While, as a business owner, you usually benefit immensely from having an accounting department or an accountant, it is still advised that you understand accounting basics. Understanding your business finances can help in:
- Clearing any debts
- Lowering business and personal expenses
- Establishing financial forecasts.
6. Stop Being Workaholic
Most entrepreneurs tend to be workaholics and thus spend a lot of hours in their offices and away from offices working. This is understandable because there are always issues that need their attention. Nevertheless, working for continued long hours only yields extra stress and exhaustion, which can negatively impact business productivity.
Have enough time for not only yourself but also for your family and friends. Spending quality time away from your office can help in improving your health and general well-being.
7. Embrace New Technology
Some of the commonly available technologies in this digital age include the blockchain, smart AI-assistants, and deep learning.
Technology can help smaller businesses to gain a competitive advantage over bigger companies. It is much easier for entrepreneurs to embrace new technology because there are fewer steps involved in testing and adoption, unlike larger firms.
8. Compliance Regulations
You should always certify that your business complies with any existing laws and regulations.
Adhering to compliance regulations is vital for respecting the community and building public trust. Regulations compliance results in the protection and security of customer data and the health of customers by providing safe products.
A great example of getting a SOC 2 certification if your industry is in IT, SaaS, accounting, cloud computing, etc. Showing SOC 2 compliance helps demonstrate your organization’s commitment to protecting the privacy and security of your customers’ information—increasingly important in our connected digital age.
In conclusion, for a higher level of entrepreneurial success to be achieved and maintained in this year, and even in the future, these resolutions can greatly be of help. Never be afraid to up your business game.